Multiple choice

If a sum of Rs.8000 lended for 20% per annum at compound interest then the sum of the amount will be Rs.13824 in how many years?

  1. 2

  2. 1

  3. 3

  4. 4

  5. None of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Use compound interest formula: A = P(1 + r)^t. 13824 = 8000(1.2)^t, so (1.2)^t = 1.728. Recognizing 1.2³ = 1.728, we get t = 3 years. The key is checking powers of 1.2 or using logarithms.

Keep practicing — related questions